Twitter’s new chief, Elon Musk, has lost close to $200 billion; the first person in the history to lose the whopping amount
Elon Musk, Twitter’s new CEO, has lost over $200 billion. According to Bloomberg, he is the only individual in history to have lost such a large sum. Musk was the second individual after Jeff Bezos to have a personal wealth of more than $200 billion. Interestingly, Musk rose to the top of the billionaire list in January 2021. Tesla’s share price decrease led to Musk’s sinking fortune.
According to Bloomberg, Musk’s stock peaked at 340 billion in November 2021. However, he has made little progress since then. Musk is the second individual to own $200 billion, behind Jeff Bezos. Musk was formerly ranked first on the Bloomberg Billionaires Index but has since been surpassed by LVMH CEO Bernard Arnault. Musk’s prior net worth was $338 billion. It has now fallen to $132 billion.
Tesla’s stock dropped after Musk paid $44 billion for Twitter.
“Don’t be too concerned about the stock market’s insanity.” “The market will recognise our sustained good performance when we demonstrate it,” Musk was quoted as saying by Reuters.
Since Musk took over the company, Twitter’s future has been at risk. He sacked key executives such as CEO Parag Agrawal, CFO New Segal, and policy director Vijaya Gadde. Following that, Musk dismissed over half of the workers.
In other developments, Musk has announced his intention to step down as CEO of Tesla and Twitter. He appears to have found a new CEO for Tesla but is currently looking for a new CEO for Twitter.
“I will quit as CEO as soon as I find someone stupid enough to accept the position!” “After that, I’ll merely be in charge of the software and server teams,” he explained. Musk previously stated that he does not want to be the CEO of any of his businesses.
Musk polled Twitter users to see if he should step down as CEO of Twitter. Polls indicated that he should quit, as predicted. Musk further stated in a second tweet that he will stand down as Twitter CEO only if he finds someone foolish enough to take over the position.
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